Chinese Magazine in Turmoil After Resignations
Caijing, the highly respected Chinese business magazine, has been thrown into turmoil after 11 high-ranking business executives resigned because of a dispute over its shareholding structure and its future development, according to people who work at the magazine.
Caijing’s general manager, its top advertising executive and the head of its conference unit all submitted resignations over the past few weeks, along with nearly 70 other business-side workers, according to several current and former magazine staff members, all of whom requested anonymity because they feared losing their jobs.
Caijing’s editor, Hu Shuli, and several top executives have been trying to gain greater control over the publication’s finances in order to expand its operations and develop new media properties, including a news service. Caijing’s top executives have also been trying to bring new investors into the magazine, hoping to expand its shareholding structure, these people say.